The initial public offer (IPO) of speciality chemical manufacturer Chemplast Sanmar is subscribed 26 percent on August 11 so far, the second day of the bidding process. Investors have put in bids for 1.03 crore equity shares against an offer size of four crore shares.

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The reserved portion for retail investors has been subscribed 1.25 times, while that of non-institutional investors is subscribed 6 percent. Qualified institutional buyers placed bids for 3.41 lakh shares against 2.17 crore shares reserved for them till 17:00 pm.

The offer size has been reduced to 3.99 crore equity shares from 7.11 crore equity shares after the company raised Rs 1,732.5 crore from anchor investors at the higher end of the price band of Rs 530-541 per equity share.

Also read: Delisted Chemplast Sanmar comes back with an IPO; Should you be cautious?

The IPO of the Chennai-based speciality chemicals maker, which is a part of the Sanmar Holdings group, is a combination of a fresh issue and an offer for sale by promoters.

The IPO comprises fresh issuance of shares worth Rs 1,300 crore, and an offer for sale (OFS) of shares worth Rs 2,550 crore by promoters.

The issue will close on Thursday, August 12.

First Published:Aug 11, 2021 1:31 PM IST